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UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Eastman Chemical Company

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Earnings Scheduled For January 26, 2017
Earnings Scheduled For October 27, 2016
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In a report published Monday, Deutsche Bank reiterated its Buy rating on Eastman Chemical Company (NYSE: EMN), and raised its price target from $63.00 to $70.00.

Deutsche Bank noted, “Shares rise 12% post solid Q3. Focus shifts to November 5 Investor Day. Buy. Eastman shares rose 12% following a Q3 beat, Q4 guidance above consensus ex a cracker outage and a reaffirmation of $6-plus earnings power in '13 (11%-plus). With Eastman performing well in a difficult environment and the integration of the transformational $5B Solutia acquisition going smoothly, the focus now shifts to the Nov 5th Investor Day. At the meeting we believe management will highlight the heightened specialty nature of the portfolio post the Solutia acquisition and lay out a path to $8/shr of EPS by '15. As Eastman delivers on its earnings potential, we believe its forward P/E multiple will expand from its current 9.6x ('13E) toward a differentiated 12x. Reiterate Buy.”

Eastman Chemical Company closed on Friday at $60.19.

Latest Ratings for EMN

DateFirmActionFromTo
Jan 2017Standpoint ResearchDowngradesBuyHold
Sep 2016CitigroupDowngradesBuyNeutral
Aug 2016RBC CapitalDowngradesOutperformSector Perform

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Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings

 

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